Analysis of convertibles issuance for 13 months through July 2010

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Coupon

	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
0%	0	0	0	0	0	0	0	0	0	0	0	1.250	0
0.01%-0.99%	0	0	0	0	0	0	0.575	0	0	0	0	0	0
1%-1.99%	0	0	0	0	0	0	0	0	0.575	0	0	0	2.200
2%-2.99%	0	0	0	0	0	0.400	0	0	0.748	0.277	0.345	0.870	0
3%-3.99%	2.570	0	0.360	1.240	0.259	0	0.930	0.150	1.292	0	0.690	0.153	0
4%-4.99%	0	0.403	1.015	0.575	4.631	0.990	0	0.490	1.970	1.411	0	0.125	0
5%-5.99%	0.410	0	0.420	0.415	0.565	0.225	0	0	0	0.787	1.103	0	0.125
6%-6.99%	0.942	0	0.460	0.365	0	0	0.115	0.161	0.010	0	0	0	1.270
7%-7.99%	0	0	0.745	0.593	0.020	3.660	0.230	0	0.575	0	0.106	0	0
8% and higher	0	0.060	0.140	0	0	0.006	0	0	0	0.510	0	1.150	0.900
NA/Other	0	0	0	0	0	19.290	0	0.209	0	1.150	0	0	0
Total	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.495
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
0%	0	0	0	0	0	0	1.250	1	0	0	1.250	1	1.250	1	5.57%
0.01%-0.99%	0	0	0	0	0.575	1	0	0	0	0	0.575	1	0.575	1	2.56%
1%-1.99%	0	0	0	0	0.575	1	0	0	2.200	2	2.775	3	2.775	3	12.36%
2%-2.99%	0	0	0.400	1	0.748	2	1.492	4	0	0	2.239	6	2.639	7	9.97%
3%-3.99%	2.930	4	1.499	4	2.372	7	0.843	2	0	0	3.216	9	7.644	17	14.32%
4%-4.99%	1.417	6	6.196	14	2.460	8	1.536	3	0	0	3.996	11	11.610	31	17.80%
5%-5.99%	0.831	6	1.205	7	0	0	1.890	5	0.125	1	2.015	6	4.050	19	8.97%
6%-6.99%	1.402	3	0.365	2	0.286	3	0	0	1.270	1	1.556	4	3.323	9	6.93%
7%-7.99%	0.745	2	4.273	6	0.805	3	0.106	2	0	0	0.911	5	5.929	13	4.06%
8% and higher	0.200	2	0.006	1	0	0	1.660	3	0.900	1	2.560	4	2.766	7	11.40%
NA/Other	0	0	19.290	1	0.209	1	1.150	1	0	0	1.359	2	20.649	3	6.05%
Total	7.525	23	33.234	36	8.030	26	9.927	21	4.495	5	22.452	52	63.210	111	100.00%
Premium
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
19.99% and lower	0.942	0	0	0.293	1.567	0.050	0.115	0	0.342	0	0.032	0.153	0.900
20%-29.99%	2.580	0.172	1.927	1.155	3.047	4.140	0.985	0.801	2.672	2.543	0.075	2.145	1.395
30-39.99%	0.400	0.230	1.212	1.740	0.735	1.032	0	0	2.155	0.277	0.345	1.250	2.200
40% and higher	0	0	0	0	0	0.006	0	0	0	0.165	0.690	0	0
NA	0	0.060	0	0	0.125	19.342	0.750	0.209	0	1.150	1.103	0	0
Total	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.495
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
19.99% and lower	0.942	2	1.911	5	0.457	2	0.185	2	0.900	1	1.542	5	4.394	12	6.87%
20%-29.99%	4.681	13	8.342	14	4.458	17	4.763	11	1.395	2	10.617	30	23.640	57	47.29%
30-39.99%	1.843	7	3.507	12	2.155	5	1.871	3	2.200	2	6.226	10	11.576	29	27.73%
40% and higher	0	0	0.006	1	0	0	0.855	2	0	0	0.855	2	0.861	3	3.80%
NA	0.060	1	19.467	4	0.959	2	2.252	3	0	0	3.211	5	22.738	10	14.30%
Total	7.525	23	33.234	36	8.030	26	9.927	21	4.495	5	22.452	52	63.210	111	100.00%
Quick Sale?
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	3.922	0.463	3.140	3.188	5.370	24.512	1.850	1.010	5.170	3.874	1.141	3.548	4.495
No	0	0	0	0	0.105	0.058	0	0	0	0.261	1.103	0	0
Total	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.495
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	7.525	23	33.070	33	8.030	26	8.564	18	4.495	5	21.088	49	61.683	105	93.92%
No	0	0	0.163	3	0	0	1.363	3	0	0	1.363	3	1.527	6	6.07%
Total	7.525	23	33.234	36	8.030	26	9.927	21	4.495	5	22.452	52	63.210	111	100.00%
Upsized?
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	2.711	0	2.397	1.485	4.463	20.172	1.103	0	2.465	3.348	1.035	0	0
No	1.212	0.463	0.743	1.703	1.012	4.398	0.748	1.010	2.705	0.786	1.209	3.548	4.495
Total	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.495
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	5.108	12	26.120	16	3.567	10	4.383	8	0	0	7.951	18	39.179	46	35.41%
No	2.417	11	7.114	20	4.462	16	5.544	13	4.495	5	14.501	34	24.031	65	64.59%
Total	7.525	23	33.234	36	8.030	26	9.927	21	4.495	5	22.452	52	63.210	111	100.00%
Seniority
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
senior secured	0	0	0	0	0	0	0	0	0	0.165	0	0	0
senior	1.922	0.403	2.655	2.638	4.520	4.698	1.792	0.860	3.880	3.425	1.141	2.398	3.225
senior subordinated	0	0	0	0.550	0.935	0.172	0	0.150	0	0.200	0	0	0
subordinated	2.000	0.060	0	0	0	0.300	0.058	0	0.715	0.345	0	1.150	0
preferred	0	0	0.485	0	0.020	19.400	0	0	0.575	0	1.103	0	1.270
Total	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.495
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
senior secured	0	0	0	0	0	0	0.165	1	0	0	0.165	1	0.165	1	0.73%
senior	4.980	19	11.856	28	6.532	22	6.965	15	3.225	4	16.722	41	33.557	88	74.48%
senior subordinated	0	0	1.657	3	0.150	1	0.200	1	0	0	0.350	2	2.007	5	1.56%
subordinated	2.060	2	0.300	2	0.772	2	1.495	2	0	0	2.268	4	4.628	8	10.10%
preferred	0.485	2	19.420	3	0.575	1	1.103	2	1.270	1	2.947	4	22.852	9	13.13%
Total	7.525	23	33.234	36	8.030	26	9.927	21	4.495	5	22.452	52	63.210	111	100.00%
Mandatory
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	0.942	0	0	0.300	0	22.790	0.058	0	0.575	0	0	1.150	1.270
No	2.981	0.463	3.140	2.888	5.475	1.781	1.792	1.010	4.595	4.135	2.244	2.398	3.225
Total	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.495
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	0.942	2	23.090	3	0.632	2	1.150	1	1.270	1	3.053	4	27.084	9	13.60%
No	6.583	21	10.144	33	7.397	24	8.777	20	3.225	4	19.399	48	36.126	102	86.40%
Total	7.525	23	33.234	36	8.030	26	9.927	21	4.495	5	22.452	52	63.210	111	100.00%
Greenshoe Exercised?
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	2.981	0.403	2.550	1.170	5.270	1.573	1.100	0.520	4.343	3.709	1.067	2.750	2.295
No	0.942	0.060	0.590	2.018	0.205	22.998	0.750	0.490	0.827	0.426	1.177	0.798	2.200
Total	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.495
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	5.933	18	8.012	22	5.962	20	7.525	13	2.295	3	15.783	36	29.728	76	70.30%
No	1.592	5	25.221	14	2.067	6	2.402	8	2.200	2	6.669	16	33.482	35	29.70%
Total	7.525	23	33.234	36	8.030	26	9.927	21	4.495	5	22.452	52	63.210	111	100.00%
Versus Talk
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Richer	0	0.403	0.860	0	0.103	0	0	0	0.717	0.345	0	0	0
Rich end	0.400	0	0.645	1.240	0.273	3.610	0.058	0	0.750	1.495	0	0	3.470
Within	2.272	0	1.090	0.745	4.341	0.902	0.922	0.150	3.237	0.165	0.765	2.750	0
Cheap end	1.112	0	0.200	0.910	0.632	0	0.295	0.490	0.115	0.719	0.345	0.125	0.125
Cheaper	0.138	0	0	0	0	0	0.575	0	0.240	0	0	0.520	0
NA/Other	0	0.060	0.345	0.293	0.125	20.058	0	0.370	0.110	1.411	1.134	0.153	0.900
Total	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.495
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Richer	1.262	4	0.103	1	0.717	2	0.345	1	0	0	1.062	3	2.428	8	4.73%
Rich end	1.045	5	5.122	9	0.807	3	1.495	2	3.470	3	5.772	8	11.940	22	25.71%
Within	3.362	7	5.989	12	4.310	11	3.680	6	0	0	7.990	17	17.341	36	35.59%
Cheap end	1.312	4	1.542	5	0.900	4	1.189	5	0.125	1	2.214	10	5.068	19	9.86%
Cheaper	0.138	1	0	0	0.815	2	0.520	1	0	0	1.335	3	1.473	4	5.95%
NA/Other	0.405	2	20.476	9	0.480	4	2.698	6	0.900	1	4.078	11	24.959	22	18.16%
Total	7.525	23	33.234	36	8.030	26	9.927	21	4.495	5	22.452	52	63.210	111	100.00%
Use of Proceeds
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Acquisition	0	0	0	0	1.035	0.110	0	0	0.375	0	0	1.150	0
Capex	0	0.230	0	0	0.105	0	0	0	0	0	0	0	2.295
GCP	1.180	0	0.460	1.605	3.458	0.555	0	0.651	0.637	1.737	0.377	0	0
Redeem convertibles	0	0	0	0	0	0	0	0	0	0	0	0.153	0
Refinance	0.743	0.172	1.725	1.383	0.273	23.440	0.172	0	3.157	1.515	1.177	0	0
Multiple/Other/NA	2.000	0.060	0.955	0.200	0.604	0.466	1.677	0.359	1.000	0.882	0.690	2.245	2.200
Total	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.495
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0	0	1.145	3	0.375	1	1.150	1	0	0	1.525	2	2.670	5	6.79%
Capex	0.230	1	0.105	1	0	0	0	0	2.295	3	2.295	3	2.630	5	10.22%
GCP	1.640	5	5.618	13	1.288	6	2.114	5	0	0	3.402	11	10.660	29	15.15%
Redeem convertibles	0	0	0	0	0	0	0.153	1	0	0	0.153	1	0.153	1	0.68%
Refinance	2.640	11	25.096	13	3.330	9	2.692	6	0	0	6.022	15	33.758	39	26.82%
Multiple/Other/NA	3.015	6	1.270	6	3.036	10	3.817	8	2.200	2	9.054	20	13.339	32	40.33%
Total	7.525	23	33.234	36	8.030	26	9.927	21	4.495	5	22.452	52	63.210	111	100.00%
Industry Sector (by SIC code)
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Agriculture (0xxx)	0	0	0	0.800	0	0.460	0	0	0	0	0	0	0
Mining (1xxx)	0.942	0	0.165	0	0.172	0	0	0	0.115	0	0	0	0
Oil and gas (13xx)	0	0	0.330	0.075	0	0.110	0.750	0.161	0.010	0	1.103	0	1.270
Construction (15xx)	0	0	0	0	0.100	0	0.058	0	0	0.277	0.075	0	0
Manufacturing (2xxx, 3xxx)	2.138	0	0.458	0.650	3.339	0.522	0	0	1.515	0.165	0.690	0.520	0
Pharmaceuticals (2834-6)	0	0.230	0	0	0	0	0	0	0	0	0.345	0	2.200
Transportation (4xxx)	0	0	0.460	0.415	0.460	0.230	0	0	0	0.242	0	0	0.125
Communications (48xx)	0	0	0	0	0.935	0	0	0	0	0	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	0	0	0	0	0	1.150	0
Wholesale (5xxx)	0	0	0.172	0	0	0	0	0	0.115	0	0	0	0
Finance, insurance, real estate (6xxx)	0.170	0.233	0.250	0.903	0.193	22.848	0.468	0.699	2.092	2.101	0.032	0.278	0.900
Services (7xxx)	0.672	0	0.560	0.345	0.276	0.400	0.575	0.150	1.323	1.350	0	1.600	0
Health services (8xxx)	0	0	0.745	0	0	0	0	0	0	0	0	0	0
Total	3.922	0.463	3.140	3.188	5.475	24.571	1.850	1.010	5.170	4.135	2.244	3.548	4.495
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	1.260	3	0	0	0	0	0	0	0	0	1.260	3	0.00%
Mining (1xxx)	1.107	3	0.172	1	0.115	1	0	0	0	0	0.115	1	1.394	5	0.51%
Oil and gas (13xx)	0.330	2	0.185	2	0.921	3	1.103	2	1.270	1	3.293	6	3.808	10	14.67%
Construction (15xx)	0	0	0.100	1	0.058	1	0.351	2	0	0	0.409	3	0.509	4	1.82%
Manufacturing (2xxx, 3xxx)	2.595	4	4.511	10	1.515	4	1.375	3	0	0	2.890	7	9.997	21	12.87%
Pharmaceuticals (2834-6)	0.230	1	0	0	0	0	0.345	1	2.200	2	2.545	3	2.775	4	11.34%
Transportation (4xxx)	0.460	1	1.105	4	0	0	0.242	1	0.125	1	0.367	2	1.932	7	1.63%
Communications (48xx)	0	0	0.935	1	0	0	0	0	0	0	0	0	0.935	1	0.00%
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0	1.150	1	0	0	1.150	1	1.150	1	5.12%
Wholesale (5xxx)	0.172	1	0	0	0.115	1	0	0	0	0	0.115	1	0.287	2	0.51%
Finance, insurance, real estate (6xxx)	0.652	4	23.944	10	3.259	11	2.411	7	0.900	1	6.569	19	31.166	33	29.26%
Services (7xxx)	1.232	5	1.021	4	2.047	5	2.950	4	0	0	4.997	9	7.251	18	22.26%
Health services (8xxx)	0.745	2	0	0	0	0	0	0	0	0	0	0	0.745	2	0.00%
Total	7.525	23	33.234	36	8.030	26	9.927	21	4.495	5	22.452	52	63.210	111	100.00%

Criteria

• The tables include all underwritten dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price.

• Each tranche is counted as a separate deal.

• Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded. Structured products are excluded.

• Units made up of a bond and stock are included; units made up of a bond and warrants are excluded.

• Preferred issues are included using the same criteria as for bonds.

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